Replies to post #68751 on iTalk Inc. (fka TALK)

[beer$$money]

I do not see Power UP Lending having much of a chance to prevail in Court outside of the BK? Bankruptcy Court approved a payment plan for that Power Up Debt? Pennies on the dollar?

4.8 Class 8: Junior Priority Pre-Petition Asserted Secured Claims
Class 8 consists of the asserted pre-petition secured claims which are junior to T-Mobile
and Chase’s pre-petition Secured Claim (the “Class 8 Secured Claims”). The known asserted
Holders of Class 8 Secured Claims are as follows:

Power Up
Lending
Group, Ltd. $70,178.57 = $3,085.01
Power Up
Lending
Group, Ltd. $96,977.13 = $4,263.06



Debtor’s assets are fully secured and encumbered by the Class 4 Secured Claim of TMobile
and the Class 5 Secured Claim of Chase, which are senior to any Class 8 Secured Claims.
Accordingly, there are no assets to which Class 8 Secured Claims attach, and the allowed
Secured Claim for any Holder of a Class 8 Secured Claim is $0.00. The allowed amount of the
Class 8 Secured Claims shall be $0.00 and the asserted security interest or any encumbrance of
Debtor’s assets shall continue and attach to the extent of $0.00. The remaining claims of the
Holders of Class 8 Secured Claims shall be specifically reclassified as and paid pursuant to Class
11 General Unsecured Claims.
On the Effective Date, the Holders of Class 8 Secured Claims shall terminate their UCC
Financing Statement together with any and all other asserted liens or encumbrances against
Debtor’s assets. The resulting deficiency for a Class 8 Secured Claim shall be and is classified
as a General Unsecured Class 11 Claim. Debtor shall be authorized to file a termination of the
attendant UCC Financing Statement in the event any Holder of a Class 8 Secured Claim fails to
cancel the same within ten (10) days of the Effective Date.
Nothing herein shall constitute an admission as to the nature, validity, or amount of
claim. Debtor reserves the right to object to any and all claims.
The Holders of an Allowed Class 8 Secured Claim are not impaired and are not entitled
to vote to accept or reject the Plan pursuant to Class 8, provided such creditors shall hold and be
entitled to vote an unsecured claim in Class 11 General Unsecured Claim as to the deficiency balance resulting from their Class 8 Secured Claim and underlying indebtedness in the amount
set forth in Class 11 to the extent said holder holds an Allowed General Unsecured Claim.

4.11 General Unsecured Claims
Class 11 shall consist of General Unsecured Claims. Holders of General Unsecured
Claims shall share pro-rata quarterly distributions of $27,000.00 each commencing on the 28th
day of the final month of the first quarter following the Effective Date.

Bankruptcy and Pending Lawsuits or Existing Judgments
A common way that creditors attempt to recover the balance of unpaid debts is by suing the debtor for the deficiency in court. Such creditor lawsuits are often the substance of threatening or harassing calls to debtors who are behind on their payments, and can be an endless source of worry and frustration. When a debtor files for bankruptcy relief, the automatic stay operates as an injunction against any suit to collect a debt. This protection extends to both potential suits that a creditor could have filed before the bankruptcy began, as well as pending suits that already existed before the debtor filed for bankruptcy.
lawsuits